Africa/Nigeria: A new grade of crude oil on the market, Nembe
Nigeria, the leading oil producer in Africa, has recently announced the introduction of a new grade of crude oil to the international market, named Nembe. This news has been eagerly anticipated, and the National Oil Company has confirmed its ambition to export nearly two million barrels of this variety per month.
This initiative marks a significant turning point in the country’s oil sector and opens up new opportunities on the international stage.
Nembe has already made its debut on the international market, with shipments sent to France and the Netherlands.
The National Oil Company proudly announced these shipments, specifying that the country intends to maintain a pace of two shipments per month, each comprising 950,000 barrels.
This demonstrates the confidence Nigeria places in this new variety of oil, aiming to boost its economy and strengthen its position as a leader in the African oil sector.
The properties of Nembe align perfectly with the requirements of major buyers in Europe, thus opening up new business opportunities for Nigeria.
The inauguration of Nembe production coincides with the commissioning of the new Nembe crude oil export terminal.
This floating storage and offloading unit is capable of storing up to two million barrels of crude oil and loading them onto any oil tanker.
Chrisantus OBI
